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How to calculate if its worth paying mortgage off
Hi,I have a fixed rate mortgage until 31 Jul 2022.I can make a yearly overpayment of 10% with no charge. I intend to do this first thing in the new year.As it stands, the early repayment charge is 2%, which then reduces to 1% in August 2021.Is there a way to calculate - if I didnt pay the mortgage back early - what my…
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To pay off mortgage or wait to buy new house
I’ve been working to be mortgage free for a while now (helped by being in an area in the north of England with cheaper properties and making a good purchase at a good time). I am now in a position where I have received some inheritance that will be enough to pay off my current mortgage. However, I’m also planning to move…
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What to do?
Hi everyone, First post on the site. Basically me and my wife have been working to pay off the mortgage for the last 17 years, we have also been building up the emergency fund. We are now in a position where we owe £6,500 on the mortgage and have £10,000 in the emergency fund. We are currently paying £700 a month of the…
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Over payment advice please
I wonder if anyone could give me some advice on making over payments on my mortgage please. I’ve set myself the challenge of making over payments of the interest for next year but I’ve started over thinking it and second guessing what is best to do! I’m planning on over paying £2085 next year which is based on the daily…
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£1200 left
Hi, So Im likely to be able to kill this off at the end of next month. As far as I know with Halifax Im on their SVR deal @ 3.59 so no ERC? How does this work then, how do I do the final settlement figure? or if I have just a bit left feb 1st which is less than the normal monthly payment, do they just take the balance then…
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Personal loan and remortgaging
Hi, I have question pls. Me and my husband is planning to get a personal loan of 40,000, we are planning to buy a house abroad. Will our personal loan affect our ability to remortgage by 2022? Thanks.
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Signed deeds over thinking was off the mortgage
Good evening, was wondering if anyone had any information that could help. January 2017 I brought a house with a ex but soon after the relationship broke down and I moved out we have one child together. Later that year I met someone else and wanted to move on so asked to come off the house she had also met someone else I…
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Repayments
Hi , I need plain English explaination about my mortgage over payments. I have a fixed rate repayment mortgage with Barclays. Recently I've decided to start over paying , not on a regular (set amount) , but a £100 here 200 there basis. My confusion is that the balance does not reduce in relation to the payments. £93,816…
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£99,963.74
Welcome to my first ever mortgage-free wannabe diary. :T I purchased my home 6 months ago and am still recovering from the shock of the monthly interest payments. I bought it for £145,000 with a 95% mortgage at 4.04% fixed for 2 years. I would have liked to save up a 10% deposit to get a better rate but it wasn't possible…
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Fingers crossed MF in 6 months
Watching these discussions for a while and wanted to say am hoping to finish my Mortgage in 6 months and it will be payed off 5 yrs early . Mortgage 8,000 left to pay . OP of £350 per month and any extra in between i can pay . Credit card gets payed off in full . Thanks for listening x
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Overpay on the interest only or repayment element ?
Hi. I’ve been inspired to try to do what we can to make overpayments on the mortgage with a view to be able to pay it off a few years early. We can initially afford to make regular overpayments of about £60 a month with the intention of then making extra payments when we can but I’m not sure if if would be best to make the…
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Paying off mortgage - Illustration of two examples
Hey guys, I'm trying to illustrate the effect of paying off my partners small mortgage but I'm getting a little lost in the detail. Here's the summary: * Her property is for sale, target price £210k * There's a mortgage on it, costing £750 pcm, with the interesting being around £112, and £48k left on the mortgage. * When…
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A couple’s home is their Castle(ford)
Sorry for the pun in the title, it will make sense shortly. Myself (35M) and my wife (37F) have just purchased a new build house (Castleford by Kier Living) for £440,000. Large mortgage of £350,000 at 1.54% over 33 years (until wife is 70). Both currently working full time, but wife is 25 weeks pregnant with our first,…
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First OP made. We're on our way!
I've read so many inspiring diaries here over the last week or two that I thought I'd document our own efforts. This morning I made our first mortgage overpayment! Who knew waving goodbye to a huge chunk of money would be so exciting! :rotfl: I put the full 10% allowed for the year into the account in one go. We had been…
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Is there a way to get a mortgage without any fees?
Is there a way to get a mortgage without any fees? I am willing to have higher interest rate, rather than paying a fees £699 for a mortgage advice.
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The first hurdle - Nichelette v the huge mortgage
I'm starting this diary in anticipation, so that I have focus for 2019. It's a bit of a long story, but to give the key facts I'm 32 and married. I graduated in 2008 into recession which wasn't the best, and live in the south east where house prices are absolutely insane. When I was younger I helped both of my parents a…
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Mortgage Free in 18mths or less!
Been a lurker for many a year, returning occasionally to read the inspirational stories of others quests to be mortgage free We are a mid 40's couple both with decent jobs , 2 kids already growing up too fast. We bought our first home in 1995, right at the bottom of the cycle as it turns out, sold that in 2001 when we saw…
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Financial Independence
Confession time, we need an outsider's perspective. This year has brought about some significant changes to our household. At the start of 2020 myself and my partner (both in our early 30s) were at the peaks of our respective careers and were loving life with our 1 year old and a happy, healthy lifestyle. Having been…
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Overpay mortgage or keep an emergency cash fund?
Hi all, this is my first ever post on the forum! I am looking for some advice on overpaying my mortgage versus keeping some savings/emergency cash fund. Until recently I always felt that it was important to have an emergency fund, and for the past few years I have kept about some cash in a savings account 'just in case'.…
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Eat, Slay Mortgage, Sleep, Repeat
Hi all After a reality check and some focussed advice. Many many MANY years ago I started a thread on here. Dream was to be mortgage free by 50. Well, I am 45 (nearly) and have £62k left to pay. After some advice on how achieve this. We now have 2 kids, (4 and 6) and I work in a supermarket. Cmon you mortgage free gurus.…
